Even though the home buyer tax credit expired on April 30, 2010 and won’t be renewed, there may never be a better time to buy a home in Philadelphia than today. There are many outstanding opportunities for Philadelphia home buyers, but they may not be around forever.
Mortgage interest rates are hovering at near-record lows and homes in the Philly market have become more affordable. Prices in most neighborhoods have moderated from the highs of the housing boom and are now competitive. Between the great interest rates and competitive prices buyers can get a home that was out of reach just a few years ago.
If you are thinking about buying a home don’t count on interest rates or prices staying at current levels, however. Mortgage rates are sensitive to market conditions and even a slight increase can push monthly payments beyond your budget and comfort range. Most economists expect that home prices and interest rates will begin to increase by 2011.